2017 Economic Calendar
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Construction Spending  
Released On 2/1/2017 10:00:00 AM For Dec, 2016
PriorConsensusConsensus RangeActual
Construction Spending - M/M change0.9 %0.2 %-0.4 % to 0.8 %-0.2 %
Construction Spending - Y/Y change4.1 %4.2 %

Construction spending fell 0.2 percent in December but details show welcome gains for housing. Spending on new single-family homes rose 0.5 percent in the month with multi-family spending up 2.8 percent. A negative on the residential side, however, is a 0.6 percent dip in home improvements.

More negative pull comes from public construction spending which fell a sharp 1.7 percent in the month. Educational spending fell 2.2 percent with highways & streets down 0.6 percent. Private nonresidential categories are mixed with total spending for this component unchanged in the month.

Spending on new home construction will have to improve further to ease the very tight supply in the new home market. Watch for construction payrolls, one possible highlight of Friday's employment report.

Consensus Outlook
Construction spending had been flat through most of 2016 but appeared to pick up steam late in the year. Non-residential spending held mixed but residential spending on single-family homes jumped a combined 2.6 percent in October and November. December's single-family strength, however, is in question given the month's weakness in single-family starts (data released in the housing starts report). The Econoday consensus for December construction spending calls for sharp slowing, to a 0.2 percent gain vs November's 0.9 percent rise.

The dollar value of new construction activity on residential, non-residential, and public projects. Data are available in nominal and real (inflation-adjusted) dollars.  Why Investors Care
Over the last year, a decline in residential outlays has pulled down year-on-year growth for overall construction outlays. Nonresidential and public outlays are positive with nonresidential actually strong.
Data Source: Haver Analytics

2017 Release Schedule
Released On: 1/32/13/14/35/16/17/38/19/110/211/112/1
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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